Revenue growth has accelerated to 25.4% as of 2026Q2, supported by a structural improvement in gross margins to 44.1% from 25.9% in 2024Q4.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 |
|---|
| Sales/Revenue | 150.28B | 73.9B | 61.38B | 49.27B | 42.65B | 41.73B | 29.25B | 26.93B | 21.85B | 18.43B | 18.69B | 16.54B | 16.08B | 17.9B | 15.96B | 12.16B | 11.28B | 11.5B | 9.91B | 9.49B | 9.03B | 8.41B | 8.67B | 9.02B | 7.87B | 4.89B | 2.98B | 2.26B | 1.15B |
| Revenue Growth % | 55.72% | 20.39% | 24.56% | 15.55% | 2.19% | 42.7% | 8.6% | 23.22% | 18.58% | -1.4% | 13.03% | 2.85% | -10.16% | 12.17% | 31.21% | 7.77% | -1.84% | 15.99% | 4.45% | 5.1% | 7.33% | -2.99% | -3.86% | 14.66% | 60.87% | 64.29% | 31.98% | 95.83% | - |
| Cost of Goods Sold | 92.72B | 44.59B | 47.23B | 39.53B | 41.93B | 35.66B | 25.91B | 28.9B | 24.83B | 18.85B | 16.12B | 20.41B | 16.44B | 18.18B | 12.75B | 11.36B | 10.48B | 9.84B | 8.98B | 7.4B | 7.67B | 8.2B | 8.1B | 6.64B | 5.25B | 4.04B | 2.52B | 1.83B | 1.08B |
| COGS % of Revenue | - | 60.35% | 76.95% | 80.23% | 98.32% | 85.44% | 88.59% | 107.32% | 113.64% | 102.26% | 86.23% | 123.44% | 102.24% | 101.55% | 79.93% | 93.43% | 92.91% | 85.56% | 90.62% | 78.01% | 84.98% | 97.45% | 93.42% | 73.61% | 66.71% | 82.71% | 84.61% | 81.35% | 93.71% |
| Gross Profit | 57.55B | 29.3B | 14.15B | 9.74B | 718M | 6.08B | 3.34B | -1.97B | -2.98B | -416.5M | 2.57B | -3.88B | -360.86M | -277.94M | 3.2B | 798.85M | 800M | 1.66B | 929.39M | 2.09B | 1.36B | 214.6M | 570.73M | 2.38B | 2.62B | 845.59M | 457.93M | 420.51M | 72.45M |
| Gross Margin % | 38.3% | 39.65% | 23.05% | 19.77% | 1.68% | 14.56% | 11.41% | -7.32% | -13.64% | -2.26% | 13.77% | -23.44% | -2.24% | -1.55% | 20.07% | 6.57% | 7.09% | 14.44% | 9.38% | 21.99% | 15.02% | 2.55% | 6.58% | 26.39% | 33.29% | 17.29% | 15.39% | 18.65% | 6.29% |
| Gross Profit Growth % | - | 107.15% | 45.24% | 1256.55% | -88.18% | 82.08% | 269.21% | 33.82% | -615.51% | -116.19% | 166.37% | -974.34% | -29.83% | -108.68% | 300.9% | -0.14% | -51.81% | 78.61% | -55.47% | 53.95% | 531.73% | -62.4% | -76.02% | -9.1% | 209.67% | 84.65% | 8.9% | 480.39% | - |
| Operating Expenses | 11.09B | 8.95B | 2.47B | 2.65B | 9.81B | 5.13B | 1.03B | 1.06B | 1.09B | 1.61B | 709.85M | 1.17B | 1.03B | 1.44B | 964.05M | 778.37M | 635M | 651M | 484.22M | 622.86M | 1.59B | 2.85B | 1.34B | 860.78M | 538.2M | 380.38M | 164.83M | 166.52M | 135.48M |
| OpEx % of Revenue | - | 12.11% | 4.02% | 5.37% | 23% | 12.28% | 3.51% | 3.95% | 4.99% | 8.76% | 3.8% | 7.05% | 6.4% | 8.04% | 6.04% | 6.4% | 5.63% | 5.66% | 4.89% | 6.56% | 17.62% | 33.82% | 15.43% | 9.54% | 6.84% | 7.78% | 5.54% | 7.38% | 11.76% |
| Selling, General & Admin | 4.19B | 2.56B | 1.29B | 1.55B | 984M | 1.25B | 611M | 737.77M | 869.21M | 494.6M | 414.08M | 404.86M | 445.77M | 526.11M | 441.18M | 430.15M | 381M | 362M | 242.11M | 322.28M | 403.56M | 880.99M | 282.3M | 276.95M | 227.7M | 127.4M | 29.51M | 68.17M | 67.15M |
| SG&A % of Revenue | - | 3.47% | 2.11% | 3.15% | 2.31% | 2.98% | 2.09% | 2.74% | 3.98% | 2.68% | 2.22% | 2.45% | 2.77% | 2.94% | 2.77% | 3.54% | 3.38% | 3.15% | 2.44% | 3.4% | 4.47% | 10.47% | 3.26% | 3.07% | 2.89% | 2.61% | 0.99% | 3.02% | 5.83% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 288.03K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | 0% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 6.38B | 1.18B | 1.1B | 8.82B | 3.88B | 415.71M | 232M | 151.77M | 1.12B | 295.77M | 368.05M | 583.74M | 913.24M | 522.88M | 348.22M | 261.38M | -627.26M | 242.11M | 300.58M | 1.19B | 1.96B | 1.06B | 583.83M | 310.5M | 252.99M | 135.32M | 98.34M | 68.33M |
| Operating Income | 46.47B | 20.36B | 11.68B | 7.09B | -755M | 6.45B | -358M | -2.55B | -4.62B | -1.05B | 1.61B | -5.56B | -1.55B | -1.94B | 2.25B | 27.31M | 165M | 1.87B | 570.13M | 1.03B | -261.22M | -3.31B | -988.03M | 1.47B | 1.64B | 310.54M | 347.05M | 254M | -63.03M |
| Operating Margin % | 30.92% | 27.55% | 19.02% | 14.4% | -1.77% | 15.46% | -1.22% | -9.48% | -21.15% | -5.72% | 8.62% | -33.61% | -9.64% | -10.82% | 14.13% | 0.22% | 1.46% | 16.29% | 5.75% | 10.88% | -2.89% | -39.37% | -11.39% | 16.35% | 20.79% | 6.35% | 11.66% | 11.26% | -5.47% |
| Operating Income Growth % | - | 74.35% | 64.57% | 1039.74% | -111.71% | 1901.68% | 85.98% | 44.75% | -338.4% | -165.4% | 129% | -258.66% | 19.95% | -185.84% | 8156.33% | -83.45% | -91.19% | 228.52% | -44.76% | 495.08% | 92.11% | -235.21% | -167.01% | -9.83% | 426.6% | -10.52% | 36.63% | 502.99% | - |
| EBITDA | 56.68B | 25.2B | 16.32B | 10.55B | 2.93B | 10.33B | 3.2B | 1.5B | -1.86B | 1.35B | 3.82B | -2.86B | 689.87M | 248.16M | 4.35B | 1.76B | 1.56B | 3.17B | 1.53B | 2.12B | 925.98M | -2.53B | -67.51M | 2.06B | 1.95B | 563.53M | 482.37M | 352.34M | 5.3M |
| EBITDA Margin % | 37.72% | 34.1% | 26.59% | 21.41% | 6.87% | 24.75% | 10.93% | 5.57% | -8.52% | 7.34% | 20.41% | -17.28% | 4.29% | 1.39% | 27.24% | 14.49% | 13.79% | 27.54% | 15.45% | 22.32% | 10.26% | -30.09% | -0.78% | 22.82% | 24.74% | 11.53% | 16.21% | 15.62% | 0.46% |
| EBITDA Growth % | 171.17% | 54.42% | 54.69% | 260.28% | -71.65% | 223.02% | 113.11% | 180.54% | -237.6% | -64.52% | 233.47% | -514.36% | 177.99% | -94.29% | 146.73% | 13.18% | -50.84% | 106.84% | -27.72% | 128.7% | 136.59% | -3649.18% | -103.28% | 5.79% | 245.29% | 16.82% | 36.91% | 6546.06% | - |
| D&A (Non-Cash Add-back) | 10.22B | 4.84B | 4.64B | 3.45B | 3.68B | 3.88B | 3.56B | 4.05B | 2.76B | 2.41B | 2.2B | 2.7B | 2.24B | 2.18B | 2.09B | 1.73B | 1.39B | 1.29B | 960.63M | 1.09B | 1.19B | 781.04M | 920.53M | 583.83M | 310.5M | 252.99M | 135.32M | 98.34M | 68.33M |
| EBIT | 45.35B | 21.42B | 11.88B | 7.6B | -340M | 7.04B | 66M | -2.17B | -4.38B | 86M | 1.89B | -5.08B | -1.25B | -1.61B | 2.3B | 484.77M | 430.5M | 2.03B | 445.17M | 894.93M | -821.86M | -296.26M | -140.65M | 1.52B | 2.08B | 467.05M | 293.1M | 254.11M | -63.03M |
| Net Interest Income | 1.14B | 806M | -106M | -569M | -442M | -396M | -404M | -331M | -58M | 30M | -44.37M | -269.91M | -286.56M | -287.87M | -302.29M | -259.46M | -246M | -185.85M | -36M | -22.69M | -24.03M | -43.68M | -33M | 0 | -9M | -9.12M | 0 | 0 | 0 |
| Interest Income | 2.17B | 806M | 690M | 425M | 276M | 265M | 230.43K | 244M | 272M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34M | 24.91M | 32.51M | 21.4M | 33M | 0 | 13M | 5.89M | 0 | 0 | 0 |
| Interest Expense | 1.03B | 0 | 796M | 994M | 718M | 661M | 661M | 581.7M | 330M | 221.27M | 280.98M | 282.17M | 286.56M | 287.87M | 302.29M | 279.94M | 246M | 212M | 70M | 47.6M | 56.54M | 65.07M | 66M | 0 | 22M | 15.01M | 0 | 0 | 0 |
| Other Income/Expense | -7.51B | 849M | 94M | -488M | -303M | -68M | -237M | -208M | -17.15M | 906.28M | -29.58M | -36.81M | 10.61M | 19.85M | -253.27M | 68.28M | 15.38M | -29.94M | -874.72M | 14.09M | 92.91M | -2.75B | -456.04M | -553.89M | 641.7M | -72.47M | 100.05M | -69.5M | 43.59M |
| Pretax Income | 38.96B | 21.21B | 11.77B | 6.61B | -1.06B | 6.38B | -595M | -2.77B | -4.68B | -260.31M | 1.6B | -5.61B | -1.54B | -1.92B | 2.04B | 95.59M | 175M | 1.91B | -304.59M | -1.32B | -1.03B | -4.77B | -822.34M | 920.66M | 2.28B | 240M | 447.1M | 184.62M | -19.44M |
| Pretax Margin % | 25.92% | 28.7% | 19.18% | 13.41% | -2.48% | 15.29% | -2.03% | -10.27% | -21.4% | -1.41% | 8.54% | -33.9% | -9.57% | -10.7% | 12.8% | 0.79% | 1.55% | 16.57% | -3.07% | -13.96% | -11.41% | -56.68% | -9.48% | 10.21% | 28.95% | 4.91% | 15.02% | 8.19% | -1.69% |
| Income Tax | 12.32B | 6.66B | 3.08B | 1.72B | -46M | 1.26B | 255M | -141.88M | -248.34M | -481.58M | 650.69M | -748.37M | -286.56M | 684.93M | -130.72M | -471.12M | 335M | 196M | 507.65M | 241.01M | -16.75M | -669.5M | -300.71M | 276.95M | 589.95M | 117.77M | 85.45M | 13.88M | -589.05K |
| Effective Tax Rate % | 31.61% | 31.4% | 26.19% | 26.08% | 4.35% | 19.71% | -42.86% | 5.13% | 5.31% | 185% | 40.74% | 13.35% | 18.62% | -35.75% | -6.4% | -492.86% | 191.43% | 10.29% | -166.67% | -18.2% | 1.63% | 14.04% | 36.57% | 30.08% | 25.91% | 49.07% | 19.11% | 7.52% | 3.03% |
| Net Income | 26.34B | 14.38B | 8.59B | 4.82B | -1.05B | 5.09B | -878M | -2.62B | -4.43B | 221.27M | 946.47M | -4.86B | -1.25B | -2.24B | 2.79B | 587.19M | -192M | 2.93B | -234.3M | -2.08B | -1.11B | -4.1B | -515.5M | 643.71M | 1.69B | 72.54M | 361.65M | 170.74M | -18.85M |
| Net Margin % | 17.53% | 19.47% | 13.99% | 9.78% | -2.47% | 12.19% | -3% | -9.75% | -20.27% | 1.2% | 5.06% | -29.38% | -7.79% | -12.53% | 17.46% | 4.83% | -1.7% | 25.46% | -2.36% | -21.94% | -12.33% | -48.72% | -5.94% | 7.14% | 21.45% | 1.48% | 12.15% | 7.57% | -1.64% |
| Net Income Growth % | 172.83% | 67.51% | 78.15% | 558.17% | -120.68% | 679.38% | 66.55% | 40.73% | -2101.56% | -76.62% | 119.48% | -287.92% | 44.17% | -180.53% | 374.45% | 405.83% | -106.56% | 1349.25% | 88.75% | -87.06% | 72.85% | -695.13% | -180.08% | -61.84% | 2225.78% | -79.94% | 111.82% | 1005.8% | - |
| Net Income (Continuing) | 26.64B | 14.55B | 8.69B | 4.88B | -1.01B | 5.12B | -850M | -2.61B | -4.47B | 362M | 976.04M | -4.59B | -1.25B | -2.58B | 2.13B | 600.85M | -153.75M | 1.67B | -812.24M | 824.46M | -807.57M | -3.14B | 1.13M | 643.71M | 1.69B | 120.79M | 361.65M | 170.74M | -18.85M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 319.69M | 277M | 175M | 123M | 78M | 54M | 4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 119.76M | 0 | 2.67M | 0 | 0 | 0 |
| EPS (Diluted) | 41.67 | 22.88 | 13.64 | 7.77 | -1.72 | 8.25 | -1.64 | -5.01 | -9.52 | 0.79 | 2.22 | -11.09 | -2.88 | -5.18 | 6.37 | 1.37 | -0.45 | 7.04 | -0.58 | -5.17 | -2.83 | -11.33 | -2.02 | 4.27 | 7.14 | 0.68 | 4.20 | 2.53 | -0.41 |
| EPS Growth % | 168.89% | 67.74% | 75.55% | 551.74% | -120.85% | 603.05% | 67.27% | 47.37% | -1305.06% | -64.41% | 120.02% | -285.07% | 44.4% | -181.32% | 364.96% | 404.44% | -106.39% | 1313.79% | 88.78% | -82.69% | 75.02% | -460.89% | -147.31% | -40.2% | 950% | -83.81% | 66.01% | 717.07% | - |
| EPS (Basic) | - | 23.13 | 13.86 | 7.80 | -1.72 | 8.42 | -1.64 | -5.01 | -9.93 | 0.82 | 2.22 | -11.18 | -2.89 | -5.19 | 6.37 | 1.37 | -0.46 | 7.07 | -0.58 | -5.23 | -2.83 | -11.33 | -2.03 | 4.42 | 7.66 | 0.71 | 4.34 | 2.53 | -0.41 |
| Diluted Shares Outstanding | 632M | 629M | 629.69M | 620.47M | 612.46M | 616.38M | 535.34M | 523.81M | 465.32M | 459.22M | 446.4M | 438.1M | 434.71M | 432.72M | 432.02M | 430.42M | 426.67M | 415.77M | 402.89M | 402.38M | 393.73M | 361.82M | 254.89M | 182.72M | 165.22M | 105.5M | 95.59M | 67.38M | 45.71M |
| Basic Shares Outstanding | 624M | 628.67M | 619.44M | 617.6M | 612.46M | 604.29M | 535.34M | 523.81M | 445.9M | 438.44M | 435.7M | 434.4M | 433.21M | 431.88M | 430.82M | 429.31M | 417.39M | 414M | 400.75M | 397.91M | 393.73M | 361.82M | 253.56M | 177.95M | 153.51M | 102.16M | 83.59M | 67.38M | 45.71M |
| Dividend Payout Ratio | - | 14.3% | 16.73% | 2.82% | - | 13.31% | - | - | - | 198.4% | - | - | - | - | 16.72% | 34.88% | - | - | - | - | - | - | - | 151.16% | 13.5% | 177.62% | 22.2% | 20.14% | - |
Geopolitical and operational volatility
According to recent financial disclosures, Harmony Gold's revenue growth has accelerated to 25.4% in 2026Q2, reflecting a sustained upward trajectory in top-line performance that appears heavily influenced by favorable gold price environments rather than purely organic volume expansion across its mature, deep-level South African mining assets.
The recent revenue acceleration suggests that the company is successfully capturing the upside of bullion price volatility. However, investors should monitor whether this growth is sustainable given the inherent production constraints of aging shafts and the potential for grade degradation over time.
As reported in the latest income statement, Harmony achieved a gross margin of 44.1% in 2026Q2, marking a significant improvement from the 25.9% recorded in 2024Q4, which suggests that management's focus on higher-margin surface retreatment operations is beginning to offset the high costs of deep-level extraction.
The expansion in gross margins indicates a successful shift in the production mix toward more efficient surface operations. This trend warrants further investigation to determine if these margin gains can be maintained against the backdrop of rising electricity tariffs and labor-related cost pressures.
Based on the provided income statement data, Harmony's operating income has scaled to $19.4 billion in 2026Q2, demonstrating significant operating leverage as the company manages to keep SG&A expenses relatively contained at $1.0 billion despite the substantial increase in total revenue and operational complexity.
The ability to grow operating income faster than gross profit suggests effective cost discipline at the corporate level. This efficiency appears to be a critical factor in the company's current profitability, though it remains sensitive to the fixed-cost nature of deep-level mining operations.
Analysis of the cost structure reveals that COGS remains the primary expense, consuming $26.0 billion in 2026Q2, which highlights the persistent challenge of managing labor and energy-intensive operations in the Witwatersrand Basin as reported in the company's periodic financial filings.
The high proportion of COGS relative to revenue underscores the company's vulnerability to input cost inflation, particularly regarding electricity and labor. Management's expense discipline is evident, but the structural reliance on deep-level mining suggests that cost volatility will likely remain a permanent feature of the income statement.
While net income reached $9.3 billion in 2026Q2, investors should note that the company's historical reliance on non-operating items and potential impairment charges, as seen in previous periods, suggests that the quality of reported earnings may be more volatile than the headline figures imply.
The absence of stock-based compensation in the most recent quarter is a positive signal, yet the historical volatility in net margins warrants caution. The market may be overestimating the durability of these earnings if gold prices retreat or if operational disruptions in South Africa intensify.
Quick answers to the most common questions about buying HMY stock.
For fiscal year 2025, Harmony Gold Mining Company Limited (HMY) reported total revenue of $73.90B. This represents a 6316.9% increase compared to $1.15B in 1998.
Harmony Gold Mining Company Limited (HMY) is profitable, generating $14.38B in net income for the fiscal year ending 2025 with a net profit margin of 19.5%.
Harmony Gold Mining Company Limited (HMY) reported an operating income of $20.36B, resulting in an operating profit margin of 27.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Harmony Gold Mining Company Limited (HMY) generated $29.30B in gross profit for the year, representing a gross profit margin of 39.7%. This demonstrates the company's core pricing power and production efficiency.